限制比特幣 DeFi 成長的因素：最新分析

在本文中，我們分析了比特幣上的 DeFi 目前必須面臨的限制，以便實現顯著成長並與以太坊和該領域其他成熟網路競爭。儘管最近實施了 Ordinals、Runes 和 BRC-20 代幣，但比特幣仍然是一個去中心化的環境，對於想要尋求原生收益的用戶來說，流動性不是很強，效率也不是很高。

Despite the recent introduction of Ordinals, Runes, and BRC-20 tokens, Bitcoin's decentralized nature poses challenges for users seeking native yield. This limitation hinders the growth of DeFi on Bitcoin.

儘管最近推出了 Ordinals、Runes 和 BRC-20 代幣，但比特幣的去中心化性質給尋求原生收益的用戶帶來了挑戰。這項限制阻礙了比特幣 DeFi 的發展。

To address this issue, several protocols and initiatives are emerging, each offering a unique approach to enhancing yield efficiency and scalability within the Bitcoin ecosystem.

為了解決這個問題，出現了多種協議和舉措，每種協議和舉措都提供了一種獨特的方法來提高比特幣生態系統內的產量效率和可擴展性。

SolvBTC, a platform that enables users to obtain yield on their BTC positions by utilizing it in liquid staking protocols on the Ethereum blockchain, aims to resolve the problem of low yield and inactive Bitcoin supply.

SolvBTC 是一個平台，使用戶能夠透過在以太坊區塊鏈上的流動質押協議中利用其 BTC 頭寸來獲得收益，旨在解決低收益和不活躍的比特幣供應問題。

SolvBTC serves as a bridge between BTC and EVM chains, allowing users to earn a return on their BTC positions by participating in liquid staking protocols on the Ethereum blockchain.

SolvBTC 充當 BTC 和 EVM 鏈之間的橋樑，允許用戶透過參與以太坊區塊鏈上的流動質押協議來賺取 BTC 頭寸的回報。

This approach combines the benefits of both worlds, enabling users to generate a yield on their BTC positions while also contributing to the security of the Ethereum network.

這種方法結合了兩者的優點，使用戶能夠從他們的 BTC 頭寸中獲得收益，同時也為以太坊網路的安全做出貢獻。

SolvBTC recently partnered with Ethena Vault to offer a net APY of 15%. Users can deposit native BTC into SolvBTC, which is then used as collateral to obtain stablecoins.

SolvBTC 最近與 Ethena Vault 合作，提供 15% 的淨年化收益。用戶可以將原生BTC存入SolvBTC，然後將其用作抵押品以獲得穩定幣。

These stablecoins are used to mint USDe from Ethena, capturing the yield from arbitrage in interest rates in the futures markets.

這些穩定幣用於從 Ethena 鑄造 USDe，獲取期貨市場利率套利的收益。

Another protocol that is facilitating the emergence of DeFi on Bitcoin is Master Yield Market, which enables users to directly purchase yield resources from native blockchain DeFi protocols for Bitcoin, Tether, Ethereum, and wrapped Bitcoin (WBTC) from a single platform.

另一個促進比特幣 DeFi 出現的協議是 Master Yield Market，它使用戶能夠從單一平台直接從比特幣、Tether、以太坊和 WBTC 的原生區塊鏈 DeFi 協議購買收益資源。

This approach simplifies the experience of searching for yield within the chain, offering a solution that is both easy and low-effort.

這種方法簡化了在鏈內尋找收益的體驗，提供了一個既簡單又省力的解決方案。

Meanwhile, other developers are focusing on improving the underlying capacity of the Bitcoin blockchain to enhance DeFi performance.

同時，其他開發者正在專注於提高比特幣區塊鏈的底層能力，以增強 DeFi 效能。

Sunny Fung, a developer at MetaID, believes that Bitcoin needs to improve in terms of scalability and network congestion in light of a potential future growth of the DeFi sector.

MetaID 開發人員 Sunny Fung 認為，鑑於 DeFi 領域未來的潛在成長，比特幣需要在可擴展性和網路擁塞方面進行改善。

According to Fung's analysis, one possible solution is to group individual transactions into a single layer-2 application to save time and effort.

根據 Fung 的分析，一個可能的解決方案是將各個交易分組到單一第 2 層應用程式中，以節省時間和精力。

Fung argues that although Bitcoin was initially designed as a layer for the simple exchange of money, it could soon become the “best carrier for web3 applications” thanks to some key features of the chain such as high consensus, strong security, efficient on-chain data storage (inscription on satoshi), and decentralization.

Fung 認為，雖然比特幣最初被設計為簡單的貨幣交換層，但由於該鏈的一些關鍵特性，如高共識、強安全性、高效的鏈上，它可能很快就會成為「Web3 應用程式的最佳載體」。資料儲存（中本聰銘文）和去中心化。

However, it is important to note that all these approaches mentioned in the article involve operational risks that should not be excluded in the evaluations, especially regarding exposure to the USDe Vaults of Ethena (use of algorithmic stablecoin) and the use of second-layer networks that are less secure than the main Bitcoin network.

然而，值得注意的是，文章中提到的所有這些方法都涉及操作風險，不應在評估中排除這些風險，特別是在暴露於Ethena 的USDe Vaults（使用演算法穩定幣）和使用第二層網絡方面其安全性低於主要的比特幣網路。